made, written a memo to a subordI- nate-Bernard de Villemé jane, the managing director of Imetal-in which he referred to Copperweld as Bread. In the same memo, he referred to two other American companies, which lmerallater discarded as takeover tar- gets, and whose identity has never been revealed, as Butter and Garlic. ("I don't like garlic," the Baron declared later, in Pittsburgh.) Focussing his at- tention on Bread, Rothschild comment- ed in the memo, "Bread can easily say, perhaps prove, that the stock is worth more than 35 [somewhat more than its market price at the time]. . . . We ought to be able to offer 43-45 so as not to seem broke." (Since Imetal ac- tually offered $42.50, Rothschild's fear of Its seeming broke appears to have receded slightly during August.) Of Smith, his future antagonist, Rothschild wrote with rueful respect, "The per- sonality of the boss. . . hard and capa- ble, seems to preclude agreement, and promises a choice of effective and de- termined means of defense." The means of defense that Smith chose after the tender offer had been made were equally conventional, with one exception. A standard move for a corporation under attack is to solicit a better offer from some friendlier ag- gressor, in order to frustrate the original one. Smith, the son of an Australian sea captain in the South Seas trade whose sternness wIth dockworkers had earned him the nickname Master H urry- Up, disdained to do tlus. Once during the Imetal tender offer, another company head caned Smith by radiotelephone from his jet, saying that he was on his way to lunch in New York City and would zoom into Pittsburgh aft- erward to make a bid for Copperweld stock. Smith replied that he was gen- erally around the office until six o'clock and had no intention of remaining later that day. The airborne executive ar- rived, as promised, but not until after Smith had gone home, as promised. "I wasn't going to solicit counterbids from some Mickey Mouse outfit just to spite Imetal," Smith told me when I visited him at his office recently. In other respects, Smith went by the book. He flooded Copperweld's stockholders (by letter) and the public ( through newspaper advertisements) with arguments to prove that the stock- holders would be un wise to tender their shares to Imetal. And, in conformity with custom, his attacks on Imetal's offer were brisk but not savagely ad hominem. A defender In a takeover at- tempt, like a politician in a primary, must remember that if he loses he will 81 " I' The Ritz is... \). · "- being pampered by those traditions of service that you may have found only in Europe. The RItz-Carlton Boston When in Chicago. . . visit the new Ritz-Carlton Preferred Hotel Reservations: 800-323-7500. Ðm)a(D)c(D)c(f A speaker unlike any othe& .;:.:-=:t:".:=. -:"-:: " "',' +"" i?r ...... .( ::t ,,^ t , . .*- ..,:- .:}. -f,f . f -/:' . ;$-' ". .. "";.0.. , :t., " .. .. øØ^... """".:: . .:-.t ' ", ,: ,. . "^ .:.. " ' " . < -" Introducing the Bose 901 @ Series III: the most innovative new speaker since the original Bose 901 was introduced. in 1968. The 901 Senes III reproduces music with spaciousness and realism unequalled, we believe, by any other speaker. Yet it uses less than 1f3 as much power as the original 90 1 due to a new, high-efficiency dnver. Out- standing bass performance is made possible by the unique Acoustic ! ,n H t :' * : -:-"* < -:..ø i -->'" ^-- .:' $: .:. _,_,7: ,,'" :.: ..'t' ::., / ;/ ' Q , <': ,...4-* < $" $'", y '>:. ....., . .,' ,::.þ r :'. "- .' -". 4"..'" :>> .IfZ/." .<<- 4; ..' 1f. .;'.;. " ". '.:.' .,(: Matrix™ enclosure (shown in this photo of the 901 III without its grille and walnut veneer cabinet). To fully appreciate its performance, ask a Bose dealer to play the 901111 in comparison to any other speaker, regardless of size or price. For a free brochure, write Bose f Box NY, The Mountain, Framingham, MA 01701 ---B 5 @ Patents issued and pending. Copynght<!) 1977 Bose Corp